1
EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth UBS AG's ratio of earnings to fixed charges, for
the periods indicated.
FOR THE PERIOD ENDED 31.3.01 31.12.00 31.12.99 31.12.98 31.12.97
- -------------------- -------- -------- -------- -------- --------
IAS(1)
Pre-tax earnings from continuing operations(2)....... 2,119 10,109 7,709 3,560 (851)
Add: Fixed Charges................................... 12,818 44,251 30,246 32,958 17,273
------ ------ ------ ------ ------
PRE-TAX EARNINGS BEFORE FIXED CHARGES................ 14,937 54,360 37,955 36,518 16,422
Fixed charges:
Interest........................................... 12,607 43,615 29,695 32,424 16,733
Other(3)........................................... 211 636 551 534 540
------ ------ ------ ------ ------
TOTAL FIXED CHARGES................................ 12,818 44,251 30,246 32,958 17,273
RATIO OF EARNINGS TO FIXED CHARGES(4)................ 1.17 1.23 1.25 1.11 0.95
U.S. GAAP(1)
Pre-tax earnings from continuing operations(2)....... 6,617 4,216 (5,319)
Add: Fixed charges................................... 44,220 30,211 26,307
------ ------ ------
PRE-TAX EARNINGS BEFORE FIXED CHARGES................ 50,837 34,427 20,988
Fixed charges:
Interest........................................... 43,584 29,660 25,773
Other(3)........................................... 636 551 534
------ ------ ------
TOTAL FIXED CHARGES................................ 44,220 30,211 26,307
------ ------ ------
RATIO OF EARNINGS TO FIXED CHARGES(5)................ 1.15 1.14 0.80
- ---------------
(1) The ratio is provided using both IAS and U.S. GAAP values, as the ratio is
materially different between the two accounting standards. No U.S. GAAP
information is provided for 31 December 1997 or 31 March 2001 as a U.S. GAAP
reconciliation was not required for either period.
(2) Pre-tax earnings from continuing operations includes the elimination of
subsidiary, associate, and minority interest income and the addition of
dividends received from associates.
(3) Other fixed charges is the interest component of rental expense.
(4) The deficiency in the coverage of fixed charges by earnings before fixed
charges at 31 December 1997 was CHF 851 million.
(5) The deficiency in the coverage of fixed charges by earnings before fixed
charges at 31 December 1998 was CHF 5,319 million.